PDF - Citi and Saxo Bank to launch CitiFX Pro for private client

November 20, 2007
Citi and Saxo Bank to launch CitiFX Pro for private client access to world
class FX Trading
New York, Copenhagen, London Citi today announced plans to launch CitiFX Pro, an online
foreign exchange (FX) trading platform, in collaboration with Saxo Bank, the Copenhagen-based
online bank. Two global leaders in their own fields, Citi and Saxo have come together to pool
their capabilities and offer FX trading to sophisticated individuals and smaller institutional traders.
CitiFX Pro will offer Citi’s clients an opportunity to take full advantage of the world’s largest
financial market with access to the same level of data and trading technology as institutional
traders. Subject to regulatory and other approvals, CitiFX Pro is expected to begin operating
shortly in the US market and will be rolled out in selected countries around the globe during
2008.
FX trading is increasingly attracting interest as a product for active traders. With CitiFX Pro, Citi
will offer the sophisticated client access to robust FX trading capabilities with more than 150
currency crosses in a market with a daily turnover of more than $3 trillion according to the latest
BIS report.
Jeff Feig, Citi’s Global Head of G10 Foreign Exchange said: “We believe providing FX execution
service to sophisticated individual traders and small institutions using state-of-the-art online tools
is a natural extension of our global FX product suite. We are excited at the prospect of
expanding our client base and developing new relationships in this emerging client segment. We
have chosen to partner with Saxo Bank because of their long and strong dedication to online
trading.”
The agreement between Citi and Saxo Bank brings together the best of two worlds for the
sophisticated individual and small institutional trader – the strength and security of the world’s
largest bank and the excellence of product and service delivery from the foremost provider of
online FX trading.
Kim Fournais, co-CEO and co-founder of Saxo Bank, said: “We are delighted with this alliance.
Private traders will now be able to take full advantage of Citi's global presence, authority and
reliability and Saxo Bank's technology to trade FX virtually anytime. This will provide better
products, prices and services to a growing audience of globally oriented investors and traders.”
By joining forces with Saxo Bank, Citi, in addition to best in class liquidity and service, will be
able to provide its clients with a user-friendly online trading platform and a tried and tested track
record. A pioneer in the online investment trading market, Saxo Bank has over the last decade
accumulated valuable knowledge and expertise in supporting the online trading needs of a global
client base. It has established a global reputation for providing award-winning technology along
with outstanding product and service capabilities to support its White Label Partnership concept.
SAXOBANK.COM. SERIOUS TRADING. WORLDWIDE.
SAXO BANK A/S | Smakkedalen 2 | DK-2820 Gentofte |
Telephone +45 39 77 40 00 | Telefax: +45 39 77 42 00 | www.saxobank.com | press@saxobank.com
Lars Christensen, co-CEO and co-founder of Saxo Bank commented: “The combination of Citi’s
world class product infrastructure, global brand and size with Saxo’s best of class facilitation and
technology will change the way global capital market products are being distributed and serviced
worldwide. We are very encouraged by Citi’s commitment and professionalism. This is a winning
proposition for everyone involved.”
Citi’s entry into the rapidly growing margin FX business is an important strategic decision. Saxo
Bank is a global leader in online FX trading and its SaxoTrader trading platform has won
numerous international awards. CitiFX Pro has been developed specifically for Citi based on its
specifications and needs.
Sanjay Madgavkar, Global Head of FX Margin Trading, Citi said: “CitiFX Pro will provide
institutional-level online trading services to a wide range of clients. The FX market is very
attractive for active traders and we believe we can provide a best-in-class platform and liquidity
to this client base. We believe our global presence in the FX market, combined with Saxo’s
proven abilities will provide a winning product for clients seeking to trade in the Margin FX
space.”
Citi and Saxo Bank invite the media for a press conference November 20, 9:00 AM at Citigroup
headquarters in New York City at 390 Greenwich Street, 4th floor.
Media can also call the following numbers to participate in the press conference:
Domestic: 866-787-9071
International: 706-634-7245
Conference ID#: 24857488
###
Media inquires: Citi: Danielle Romero-Apsilos
212-816-2264
Jeffrey French
+44207 500-8304
Saxo Bank: Kasper Elbjørn
+45 3065 4300
Fleming Voetmann
+45 51 59 50 36
SAXOBANK.COM. SERIOUS TRADING. WORLDWIDE.
SAXO BANK A/S | Smakkedalen 2 | DK-2820 Gentofte |
Telephone +45 39 77 40 00 | Telefax: +45 39 77 42 00 | www.saxobank.com | press@saxobank.com
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and
does business in more than 100 countries, providing consumers, corporations, governments and
institutions with a broad range of financial products and services, including consumer banking
and credit, corporate and investment banking, securities brokerage, and wealth management.
Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex.
Additional information may be found at www.citigroup.com or www.citi.com.
About Saxo Bank A/S
Saxo Bank A/S is a modern investment bank specializing in online investments in international
Capital Markets. Saxo Bank enables clients to trade currencies, shares, CFDs, futures, options
and other derivatives, as well as providing portfolio management via our online trading platform,
SaxoTrader. SaxoTrader has been developed by Saxo Bank and is available to today's investor
directly through Saxo Bank or through one of our global partnerships, where it forms an integral
part of their infrastructure. One of Saxo Bank's significant areas of business is White Labelling.
This involves the bank’s online trading platform being customized and branded for other financial
institutions and brokers. Saxo Bank has more than 85 White Label Partners and thousands of
clients in over 177 countries. The bank's website www.saxobank.com receives approximately
65,000 visitors every day. Saxo Bank currently employs more than 1,200 employees from 57
different countries.
Saxo Bank has its headquarters in Copenhagen, with operating offices in London, Geneva, Zürich,
Singapore and Marbella. It also runs a representative office in Beijing and an IT development
center in St. Petersburg.
http://www.saxobank.com
http://www.saxobank.dk
http://www.saxobank.co.uk
http://www.synthesisbank.com
http://www.saxomarkets.com.sg
http://www.saxotrader.es
http://www.saxosoft.com
SAXOBANK.COM. SERIOUS TRADING. WORLDWIDE.
SAXO BANK A/S | Smakkedalen 2 | DK-2820 Gentofte |
Telephone +45 39 77 40 00 | Telefax: +45 39 77 42 00 | www.saxobank.com | press@saxobank.com